Global parking management market size was estimated at USD 4.5 billion in 2022. During the forecast period between 2023 and 2029, the size of global parking management market is projected to grow at a CAGR of 12.4% reaching a value of USD 10.1 billion by 2029. Major growth drivers for the global parking management market include the rising number of vehicles worldwide and increasing demand for effective traffic management in smart city development.